Thursday, June 16, 2011

COMEX phyisical silver hits new low

On June 7th we posted about how the COMEX had hit fresh all time lows for physical silver reserves.

On April 20th the physical ("Registered") silver held in COMEX warehouses was just over 41 million ounces. By June 7th that total had dropped to 28,773,375 ounces.

Now?

The COMEX is now down to 27,924,074 ounces as the Brink's warehouse reports that they have suffered a 9% draw down in both registered and eligible silver (click above image to enlarge).

The COMEX's supply of physical silver has now dropped 32% from where it was 2 months ago.

And while the COMEX insisted during the first month that the 'reclassification' of phyisical silver was simply a 'very temporary' condition, it is proving to be anything but very temporary.

The fact of the matter is that registered silver at the COMEX has not posted an uptick in over 3 months. And all the while the price of spot and futures silver continues to trend lower as the cartel continues to short the paper price of silver.

Why is physical silver being snapped up at alarming rates while the price is supposedly 'overvalued'?

Is it overvalued or is it simply 'on sale'?

You know our thoughts on the matter. And the dwindling supply seems to reinforce it.

Followers

History of Central Banks

“The Federal Reserve is now a government within a government. It is totally out of control. Congress doesn't control it. It's funded by the banks and we either have constitutional government or we don't."

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